• Prior 52.2

Key findings:

• Slower growth in output amid first fall in new orders in three months
• New orders fall without boost from customer stockpiling
• Concurrent retrenchment of jobs and purchasing for first time in 2026 so far
• Softer inflationary pressures signalled

Comment:

Eleanor Dennison, Economist at S&P Global Market Intelligence, said:

“On the surface, July maintained a positive headline PMI reading and signalled sustained growth in output, but to fully understand the environment in which Italian manufacturers are operating in, we must look at the subindices, as they revealed subdued demand and raised levels of hesitancy at businesses and their customers alike.

“Since the initial boost from safety stockpiling efforts has faded, firms are taking a more cautious approach by lowering their purchasing volumes and employment numbers.

“The silver lining here is that the subdued demand environment had helped to eased pressure on the intense price and supply chain situation caused by the Middle East conflict.”

This article was written by Giuseppe Dellamotta at investinglive.com.